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We are pleased to announce that we have secured a new banking partner for the Coast fiat on ramp to PulseChain. This new bank partner will allow us to scale rapidly, bringing the Coast Stablecoin $CST to more than 150+ markets worldwide.
A rest of this article is a thread on the flow of funds and payment rails with our product. The first self-custodial fiat onramp (and native stablecoin $CST) coming to #PulseChain. We do NOT hold your money. This allows us to (over time) onboard >150 countries to our network
We strongly value the principle of cryptocurrency championed by Richard Heart – “Not your keys, not your coins” and so our on ramp product empowers you to maintain custody of your own keys at all times. There is no Coast wallet. We do not hold your coins for you. No banking product will offer the same degree of self-custody as holding your own keys on chain.
You will be able to fund YOUR digital account in 3 ways:
Remember that funding your digital account is technically a fiat transfer between yourself and yourself (not us). If you treat your digital account like any other bank account, you will be able to move funds onto PulseChain virtually instantly.
When transferring USD between YOUR pre-existing account and YOUR digital account, these funds will need to settle before $CST can be minted. So for the experience of smooth & rapid fiat onramping, you’ll need to fund your digital account early (you may choose to leave a balance).
The reason funds need to “settle” when you are transferring money between YOUR two bank accounts is to protect against the fraudulent transactions – its the banking systems solution to solving ‘double spending’ (loose analogy).
You will find that many factors alter the time taken to fund your digital account. E.g. A domestic wire within business hours seems to be fasted for most institutions. But it’s often more convenient to use credit/debit card of bank transfer: YOU get to choose.
If you are wanting to take advantage of short-term market opportunities, we highly recommend becoming familiar with sending Wires to your Digital Account as this will provide access to your funds as fast as possible.
Future updates will speak about “instant” buys, risk scoring, debit cards and more.
Once your digital account holds USD, you can onramp direct to #PulseChain by minting $CST (stablecoin). $CST is minted (and backed) by an internal transfer between YOUR digital account and the $CST collateral account, which operates as a trust (we don’t control this account). This allows you to mint $CST, as well as burn $CST to offramp/redeem $USD.
Once your digital account holds USD, you can onramp direct to #PulseChain by minting $CST (stablecoin). $CST is minted (and backed) by an internal transfer between YOUR digital account and the $CST collateral account, which operates as a trust (we don’t control this account). This allows you to mint $CST, as well as burn $CST to offramp/redeem $USD.
We are in the final stages of internal testing the Phase 1 of Launch. The $CST contract is launched and $CST has been minted on-chain for testing. We are very close. 🥳
Thanks for your patience, but this is financial software with a high regulatory burden – it must be done right.
What bank does Coast use? If you want to learn more about our financial partner, please see this link to visit fortresstrust.com. As the Coast bank partner, Fortress are giving us the ability to bring a direct route to #PulseChain from (almost) the entire globe.
